“The paints & coatings market is projected to grow at a CAGR of 5.45% during the forecast period”
The paints & coatings market is projected to reach USD 209.36 billion by 2022, at a CAGR of 5.45% between 2017 and 2022. The market growth in recent years can be attributed to the increased demand for paints & coatings in the Asia-Pacific region. The paints & coatings market is largely driven by the rising demand from construction industry. Economic and demographic growth, increasing residential building activities, growing urbanization, and increasing expenditure on housing construction are the important drivers for the global paints & coatings market.
Manufacturers are engaged in business expansion to cater to the increased demand for paints & coatings. However, formulation and implementation of new regulations, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and various other directives to control solvent emissions are affecting the growth of the paints & coatings market across the globe. The Eurozone crisis of 2012 has also affected the growth of the paints & coatings market globally, as several companies reduced their production as part of their cost-cutting strategy to survive in the market.
“The industrial paints & coatings segment is projected to grow at the highest CAGR between 2017 and 2022.”
By application, the industrial segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for paints and coatings from automotive, marine, aerospace, coil coating, transportation, rail coating, and packaging industries is projected to drive the global paints & coating market during the forecast period.
“Asia-Pacific was the largest paints & coatings market in 2016.”
Asia-Pacific was the largest market for paints & coatings, having accounted for the maximum market share, in terms of volume, in 2016. Key countries in the Asia-Pacific market include China, India, Japan, and South Korea. The Asia-Pacific region is a rapidly expanding paints & coatings market, owing to the growing economy and increasing middle-class population. This growth is driving the demand for many building and industrial materials, including paints and coatings.
Breakup of Primary Interviews:
• By Company Type: Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%
• By Designation: C-level – 40%, D-level – 35%, and Others – 5%
• By Region: Asia-Pacific – 33%, North America – 27%, Europe – 23%, South America - 10%, and Middle East & Africa - 7%
AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Axalta Coatings Systems (U.S.), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (U.S.), Asian Paints (India), Kansai Paints (Japan), Jotun A/S (Norway), RPM International (U.S.), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan) are among the leading players operating in the paints & coatings market.
This report provides a detailed segmentation of the paints & coatings market on the basis of resin type, technology, application, and region. With respect to resin type, the paints & coatings market has been segmented into polyurethanes, acrylic, polyesters, epoxy, alkyd, and others. On the basis of technology, the market has been segmented into water-based technology, solvent-based technology, high solids, powder, and others. On the basis of application, the market has been segmented into architectural and industrial. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Reasons to Buy the Report
From an insight perspective, this research report has focused on various levels of analyses—industry analysis (industry trends), market share analysis of top players in the paints & coatings market, and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the paints & coatings market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on paints & coatings offered by the top players in the paints & coatings market
Product Development/Innovations: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the paints & coatings market
Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for paints & coatings across varied regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the paints & coatings market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the paints & coatings market.